SoFi Blog

Tips and news—
for your financial moves.

It’s Time for You to Get That Raise

When was the last time you assessed your value or negotiated your salary at work? According to a recent survey1 conducted by SoFi, over half (57%) of respondents said they feel that they are underpaid, yet only 33% plan to ask for a raise this year.

The conversation surrounding financial independence often only focuses on cutting back to save money – eliminating a daily latte, or bringing lunch to work. Of course, being financially responsible is an important part of getting to financial independence. At SoFi, we believe there is another important dimension to this discussion: earning your way to financial independence. Earning more money gives you the opportunity to put it towards your financial goals faster, whether that means saving for your first home, paying down existing debt, or investing more. Our goal? To help you get your money right—and steer you toward an accelerated path to financial independence.

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How to Talk to Your Boss About Your Job Performance

During the interview for your current job, you may have been asked where you see yourself in five years. But have you ever revisited that conversation? To keep your career on the right path, it’s important to learn how to talk to your boss about your job—where you are now and where you see yourself in the future.

It might feel awkward to bring up your career development to your manager. You may not want to boast about your achievements and why you deserve to move up. Or, maybe you’re worried that your company foresees you moving into a different direction than you have in mind. And there’s always the potential for rejection if your boss doesn’t think you’re ready for a particular career track.

That doesn’t mean you should avoid the awkwardness altogether—you just need a few career tips on how to talk to your boss about your job and career progression. Here’s where to start.

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Manager and employee discussing raise

How to Ask for a Raise When You Are Underpaid

Money may not be everything, but it certainly plays a considerable role in your job satisfaction. And if you suspect you’re underpaid, your happiness can plummet—quickly. A recent Indeed survey revealed that only 19% of American workers are comfortable with how much they make and say they’d need a $6,000 raise to feel good about their salaries. Additionally, Glassdoor found that a majority of its users are underpaid by an average of $4,700.

If you think you deserve more, it’s worth doing some research to determine if you are truly underpaid—and if so, using that information to have a conversation with your boss. But before you set foot in his or her office, you have to understand how much of a raise to ask for and the best way to ask for a raise in that situation.

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5 Common Student Loan Mistakes to Avoid This School Year

It’s that time of year again: back to school time. And while students are anxious to walk through their school halls, check off their back to school lists, and make sure they have plenty of friends in every class, graduates may be struggling to pay off their debt.

Unfortunately, student loan debt is at an all-time high and continues to rise. The average student loan debt for 2017 graduates was $39,400 amounting to $1.48 trillion in total student loan debt. This exceeds the amount of credit card debt in the United States by $694 billion.

In the summer of 2016, we surveyed around 1,000 young professionals for The Impact of Student Loan Benefits, a white paper outlining the effect of student loan debt on employee recruitment. We found over 60% of respondents reported that student loan debt is one of the top two financial concerns in their lives. While student loans are clearly a stressor for millennials, there’s a way to prevent them from causing students so much anxiety.

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man with headphones and basketball

What Do Employees Value Most: Dream Job or Salary?

If you were to put together a “Dream Job” list, you’d probably have a few positions on there because you love the work (think illustrator or travel blogger)—and a few because you love the salary that comes with it (say, pro athlete).

Dream job ideas aside, when you’re searching for a new job, you’re probably pondering a similar question: What should you prioritize, the type of work that you’ll be doing or your income?

In an ideal world, you’d snag a well-paying job that you adore, but that combination isn’t exactly easy to find.

The bottom line: There’s no one answer that’s appropriate for everyone. After all, when it comes to what employees value the most, there’s a lot of variation from person to person. But there are some key questions that you can ask yourself in order to figure out what suits you best.

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